Q1 26 EPS
$-0.40
MISS 900.00%
Est. $-0.04
Q1 26 Revenue
$392.9M
BEAT +8.73%
Est. $361.4M
vs S&P Since Q1 26
+56.0%
BEATING MARKET
ALKS +58.9% vs S&P +2.9%
Market Reaction
Did ALKS Beat Earnings? Q1 2026 Results
Alkermes delivered a split quarter in Q1 2026, posting revenue that cleared estimates by a wide margin while its bottom line fell well short of expectations, a divergence rooted almost entirely in the costs of its transformative acquisition of Avadel… Read more Alkermes delivered a split quarter in Q1 2026, posting revenue that cleared estimates by a wide margin while its bottom line fell well short of expectations, a divergence rooted almost entirely in the costs of its transformative acquisition of Avadel Pharmaceuticals. Total revenues rose 28.2% year over year to $392.91 million, beating the $361.38 million consensus, as legacy products VIVITROL ($112.40 million), LYBALVI ($92.40 million), and ARISTADA ($93.80 million) all grew meaningfully, and newly acquired LUMRYZ contributed $39.50 million in net sales for the roughly six weeks following the February 12 close. The acquisition's weight on earnings was severe, however; $55.83 million in transaction costs and $20.19 million in accelerated share-based compensation for former Avadel employees drove a GAAP loss of $0.40 per share, missing the $-0.04 consensus by 900.00%. Positive topline results from the REVITALYZ Phase 3 study evaluating LUMRYZ added further pipeline credibility to the deal's strategic rationale. Looking ahead, Alkermes maintained its full-year 2026 revenue guidance of $1.73 billion to $1.84 billion and improved its GAAP net loss outlook to $70 million to $90 million, citing favorable purchase price accounting adjustments.
Key Takeaways
- • LYBALVI revenue grew 32% and total prescriptions grew 21% year-over-year
- • ARISTADA revenue grew 27.6% year-over-year
- • VIVITROL revenue grew 11.3% year-over-year
- • Gross-to-net favorability driven by favorable patient mix across VIVITROL (~$9M), ARISTADA (~$3.5M), and LYBALVI (~$2M)
- • Six weeks of LUMRYZ revenue contribution following Avadel acquisition closure
ALKS Forward Guidance & Outlook
Alkermes maintained its full-year 2026 total revenue guidance of $1,730M–$1,840M and Adjusted EBITDA of $370M–$410M. Product-level guidance: VIVITROL net sales of $460M–$480M, LYBALVI net sales of $380M–$400M, ARISTADA net sales of $365M–$385M, and LUMRYZ net sales of $315M–$335M (representing the period Feb. 12–Dec. 31, 2026). Updated guidance improved GAAP net loss expectations to ($70M)–($90M) from ($115M)–($135M) and EBITDA to $105M–$135M from $60M–$90M, driven by favorable non-cash purchase price accounting adjustments related to the Avadel acquisition. Cost of goods sold was reduced to $320M–$340M and amortization of intangible assets to $75M–$85M. R&D expenses remain at $445M–$485M and SG&A at $890M–$930M.
ALKS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ALKS Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a strong quarter marked by solid financial and commercial execution, alongside meaningful strategic progress that positions Alkermes as an emerging leader in sleep medicine.”
— Richard Pops, Q1 2026 Earnings Press Release
ALKS Earnings Trends
ALKS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ALKS EPS Trend
Earnings per share: estimate vs actual
ALKS Revenue Trend
Quarterly revenue: estimate vs actual
ALKS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.04 | $-0.40 | -900.00% | $392.9M | +8.73% |
| Q4 25 MISS FY | $0.45 | $0.29 | -35.28% | $384.5M | +0.80% |
| FY Full Year | $1.93 | $1.43 | -25.85% | $1.48B | +0.22% |
| Q3 25 BEAT | $0.39 | $0.49 | +26.91% | $394.2M | +10.66% |
| Q2 25 BEAT | $0.38 | $0.52 | +37.93% | $390.7M | +14.46% |
| Q1 25 MISS | $0.24 | $0.13 | -46.90% | $306.5M | +0.79% |